Chase Slate Edge℠ vs. U.S. Bank Visa Platinum Card
Chase Slate Edge℠:
- Cash back – Unfortunately, there aren’t any cash back features associated with the Chase Slate Edge℠.
- Intro offer – 0% APR for the first 18 months for both purchases and balance transfers.
- APR – Variable APR of 14.99%-23.74% with the potential of lowering 2% every year if qualifying factors are met.
- Annual fee – $0.
- Balance transfers – After the intro rate of 3% or $5 (in the first 60 days), each balance transfer will cost either $5 or 5% of the amount of each transfer, whichever amount is higher.
- Foreign transaction fees – Each foreign transaction comes with a 3% fee.
U.S. Bank Visa® Platinum Card:
- Cash back – There are no current offers for cash back rewards.
- Intro offer – 0% APR for the first 20 billing cycles on purchases and balance transfers.
- APR – Variable APR of 14.49%-24.49%.
- Annual fee – $0.
- Balance transfer fee– Either 3% the amount of the transfer or $5, whichever amount is higher.
- Foreign transaction fees – 2% of each foreign purchase made in U.S. dollars, or 3% of each foreign purchase made in a foreign currency.
If you’re purely in the market for a good balance transfer card, then both the Chase Slate Edge℠ and the U.S. Bank Visa® Platinum are great choices. While they do both have features that lend them to being effective balance transfer cards, the U.S. Bank Visa® Platinum pulls ahead with 20 billing cycles of 0% APR compared to 18 months with the Chase Slate Edge Card.
They both have similar regular APR rates, too, so it depends on what you are using the card for and what your priorities are. Even the balance transfer fees are relatively the same: 3% or $5 for U.S. Bank, and $5 or 5% of the amount of each transfer (after 60 days) with Chase Slate Edge℠, whichever is greater.
If you’re looking to do a balance transfer, Chase Slate Edge℠ is much better suited for paying off large amounts slowly. The unique opportunity to reduce your APR and earn a card credit line increase could also be a deal-breaker between the two. The U.S. Bank Visa also lacks a few substantial perks that Chase has, like extended warranty and purchase protection. U.S. Bank does offer cell phone protection, but that’s the extent of their offers.
Chase Slate Edge℠ vs. Citi® Double Cash Card – 18 month BT offer
Citi® Double Cash Card – 18 month BT offer
- Cash back – You can earn up to 2% cash back on each purchase with no caps, categories, or annual fee.
- Intro offer – 0% intro for 18 months on Balance Transfers.
- APR – 14.24% – 24.24% (Variable).
- Annual fee – $0.
- Balance transfer fees – $3 or 5% of the amount of each transfer in the first 4 months, then 5% or $5 per transfer, whichever is greater.
- Foreign transaction fee – Each fee is 3% of the U.S. dollar amount charged.
With just a quick glance at each credit card, it’s easy to spot that the biggest difference between the two is the ability to earn cash back. While the Chase Slate Edge℠ doesn’t offer any cash back options, the Citi® Double Cash Card – 18 month BT offer has a generous policy. Card users can earn unlimited cash back on new purchases.
They also differ on introductory period benefits. While each card has comparable percentages after the first year or so, only Chase offers 0% intro APR on purchases for the first 18 months from account opening.
In a move that may be surprising to some, the Citi® Double Cash Card – 18 month BT offer doesn’t offer any form of purchase protection. The company decided to remove these protections from a few of its cards in 2019, citing low fraud rates.
Deciding between these two options really depends on your priorities and what features will make the most impact. If your main goal is to take advantage of a fantastic cash back policy, then choosing Citi is a no-brainer. It may be worth it to you to forgo the initial 0% APR and the purchase protection since unlimited cash back offers great long-term value for a very similar APR.
Chase Slate Edge℠ vs. Chase Freedom Flex℠
Chase Freedom Flex℠:
- Cash back – 3% cash back on drugstore and dining purchases, 5% cash back on Lyft rides (through March 2022), 5% cash back on travel purchase through Chase Ultimate Rewards® and bonus category purchases (on up to $1,500), and 1% cash back on all other purchases.
- Intro offer – 0% Intro APR on Balance Transfers for 15 months.
- APR – 14.99% – 23.74% Variable.
- Annual fee – $0.
- Balance transfer fee – Intro fee of $5 or 3% of the amount of each transfer, whichever is greater, on transfers made in the first 60 days of account opening.
- Foreign transaction fee – 3% per transaction.
While Chase Freedom Flex℠ and Chase Slate Edge℠ are both solid options for someone on the market for a new credit card, it’s clear they were each designed with a different cardholder in mind. The Chase Slate Edge℠ is a great option for someone looking to pay down their debt via a balance transfer.
The Chase Freedom Flex℠, on the other hand, is ideal for someone who wants to optimize their purchases for consistent cash back bonuses.
Should you get a Chase Slate Edge℠ Credit Card?
Consider credit card debt
Something to consider when it comes to applying for a credit card is your credit card debt. Having credit card debt, no matter how much, can be a stressful financial burden. There are ways this financial system can work for you, however. First, you can take advantage of the discounted balance transfer fee, which applies to qualifying transfers made within 60 days of account opening.
After you’ve made the initial transfer, you can enjoy the benefits of 0% APR for 18 months with Chase Slate Edge. This way, you don’t need to worry about paying off any additional interest and can instead focus on paying down your debt while building good credit.
Another great perk is the one-time review for a $500 credit line increase, which you can qualify for simply by paying your bills on time and spending $500 or more within the first 6 months. Credit scores can be improved with responsible use, such as increasing your credit line (while not using it), so this is one way to work towards improving your credit.
And, if you’re still making payments after the initial 18 months, you still have the opportunity to decrease your APR by 2% each year. All you need to do is pay your bills on time and spend $1,000 or more by your next account anniversary.
Of course, all of this depends on whether or not you will be approved for this particular credit card. The applicant’s credit approval will depend on their existing credit score (among other facots), with approval odds increasing with a score of 690 or higher.
Purchases and balance transfers
If fees related to purchases and balance transfers are your main concern, the Chase Slate Edge℠ has a lot of benefits to offer. For no annual fee, cardholders can enjoy a 0% intro APR for 18 months on new purchases and balance transfers.
There are additional benefits if you’re planning on doing a balance transfer, too. As long as you do the transfer within 60 days of opening the account, you can enjoy the intro fee of $5 or 3% of each transfer, whichever amount is greater. After that the balance transfer fee is 5% or $5, whichever is greater.
How do you apply for the Chase Slate Edge℠?
Applying for the Chase Slate Edge℠ is easy! There are two major ways that you can apply. The easiest and fastest way is to apply online through the Chase website. The process is quick and safe, and you don’t need any hard-to-find information.
Simply provide some information such as the amount and source of your income, contact information, and personal details to verify your identity. When this step is completed, you can safely sign your application using E-Sign. Chase will then let you know if you’re approved by sending you an email.
You can also visit a Chase Bank location in person, where you’ll be asked to provide the same information.
Summary
The Chase Slate Edge℠ is perfect for paying down your debt or financing a large purchase. It stands up to other balance transfer cards with its automatic review for a credit line increase, as well as a potential APR reduction if you qualify. If you use your card regularly and manage to pay down your debt within the introductory period, this is a great card for you.
Featured image: Prostock-studio/Shutterstock.com
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